Senior Notes due 2022 from a subsidiary, News America Incorporated, will offer buyers 3.00% interest — and result in gross proceeds to the company of $992.9M. News Corp says the cash will be used for “general corporate purposes.” Earlier today Moody’s Investors Service assigned the debt a Baa1 rating, which means it’s investment grade with just moderate risk. The debt sale “will add to the company’s robust cash balance of $9.6 billion” as of June 30, Moody’s says. “We anticipate that in the next 12-18 months, the company will reduce leverage … through strong EBITDA growth, and maintain significant financial flexibility.”
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